4 Future of Financial/Non-Financial Reporting Total 20 marks. You are the Accountant for a growing digital company that is a recognised competitor to Amazon, and it plans to list its existing local and global business on the Australian Securities Exchange (ASX). The Board has received a valuation from its proposed stock broker that values the company at 5 times its net asset value at May 2022 compared to its June 2021 financial report. The Board is concerned about the significant difference in the values and has asked you to prepare a Board Paper. Q4 You have been specifically asked to address in your Board Paper the following issues: 1. How can the Board explain and justify the difference between the 2 values? (5 marks) 2. What is the purpose of a traditional IFRS (AASB) based financial report? (5 marks) 3. What changes should be made to its June 2022 financial report in terms of: (a) disclosures and, (5 marks) (b) valuations